Following his report, the stock quickly rebounded. In fact, other major investment firms saw how Spotify could potentially turn things around.

Finding that its users have “great loyalty to the platform,” Spotify has the highest reported satisfaction. Two-thirds of all music streaming also happens in playlists, which the company has dominated.

Morgan Stanley also found one key area where Spotify can dominate its competitors – podcasts.

Spotify’s users “love podcasts more than any other subscriber group.” Users who pay for the service listen to 5.2 hours of podcasts per week. That’s 48 minutes more than users on Apple Music. Yet, most users haven’t consumed podcasts on Spotify.